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ED’s big action on WazirX, Rs 65 crore seized

ED's big action on WazirX
Written by bobby
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ED’s big action on WazirX, Rs 65 crore seized

Freeze crypto assets worth over Rs 100 crore

Freeze crypto assets worth over Rs 100 crore

According to the Times of India reports, the ED has been told that “When the proceedings were initiated by the police and the ED, such loan app companies have used cryptocurrency to withdraw money out of the country. The transaction is done through Wazirex and the money has been transferred to Hong Kong. We have found evidence of money transfer in crypto assets. Freeze WazirX’s crypto assets worth over Rs 100 crore.”

show cause notice issued

show cause notice issued

The ED is probing two cases against WazirX under the provisions of the Foreign Exchange Management Act, 1999 (FEMA). He added that Zanmai Labs was using Binance’s boundary wall infrastructure. The Finance Ministry further stated that not all crypto transactions between these two exchanges were being recorded in the blockchain. That is why a show cause notice (SCN) has been issued against Wazirex.

Exchange crypto from third party exchanges to each other

Exchange crypto from third-party exchanges to each other

The Ministry of Finance said that WazirX has allowed requests from international users to convert one crypto to another using transfers from third-party exchanges such as FTX, Binance, etc.

About the author

bobby

Hi, I am Bobby. Blogger India. I love writing, and reading articles. Blogging is my passion. I have started my blogging career in 2016.

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